Autostitch has done a fairly good job at creating a panorama out of these five pictures, so here it is below.
You can see the water right there, so it's interesting to be able to track down the same stretch of road now to compare. Luckily there are a couple of building stills standing. Here is the comparison courtesy of Streetview.
The green pastel building in the film grab is still around and it's the low building centre left behind the parked white car. Of the two buildings to its immediate left, although one retains the original arch, the building behind it has been redeveloped. The waterfront in front of this row has also gone and been replaced by a large residential building encompassed by Rua da Escola Nautica.
Interestingly, further up the road the arches have been kept fairly intact along the road side, but almost all of the buildings behind them have been knocked down and replaced by high rises. I wonder if it was a general decision made by the authorities to keep the arches or the developers just did it off their own backs?